LUNA jumped to more than $100 on Friday, causing the DeFi total value locked in Terra network to increase by almost $3 billion to $21 billion.
$9 billion of the TVL is locked on Anchor application, while on TerraSwap, TVL has surged 81% to more than $2 billion from the previous week.
The locked value is divided among 13 protocols, each having more than $1.6 billion. Binance, the third-largest DeFi network, has $17 billion in 232 protocols.
The founder of Steinberg Invest, Marvin Steinberg, says that the attractive Annual Percentage Yield of 20% in Anchor is driving Terra’s DeFi growth.
LUNA had been trading at $85 before surging past its previous high of $96 and hitting a resistance level. Terra’s developments like the burn feature are attributable to the upward momentum.
LUNA is currently the ninth most valuable cryptocurrency with a market capitalization of $36 billion.